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Home > Ask The Get Out of Debt Experts > Where Can I Turn to Refinance My Debt. I’m a Contractor. – Steve

Where Can I Turn to Refinance My Debt. I’m a Contractor. – Steve

“Dear Steve,

We own our home, have kept all of our monthly bills up to date and have not defaulted on anything, (maybe a little late but always paid) I have a mortgage, home equity, personal loan a student loan, a auto loan and 2 high credit card bills. We are pretty much at a point where we cannot keep up any more.

I tried to refinance and was turned down because I am a contractor where I work not a full employee.

Will any company refinance my loans if I am a contractor where I work? Where else can I turn, I have contacted CCCS, but I am so leary of giving them my personal info. What can I do?



Dear Steve,

I strongly suggest that you put a loan application on and see what rates you can get. With LendingClub it doesn’t matter if you are a contractor and people from all over will chip in to fund part of your loan to spread their risk and help you get funded with others won’t. LendingClub is a peer-to-peer lending network.

If that does work out for you, come back and let me know with an update and we will then move on to Plan B.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Steve

    That seems to be typical in this country, the more you work and pay your bills, the less help you can get when you need it. I am almost better off not working, then the govt. will step up and help me.
    I read from someone else, that in order for you to get help from your credit card holders is to stop paying them. As long as you have always been current they dont see any problem and will not help at all. That just makes no sense, they should be will to help me since I have been on time with my bills.
    And then I went to another website,, and I am not eligible since I gross too much. Gross pay is not what you live by, so I dont see how that is an accurate measurement.

    • Steve Rhode


      As I always say, logic and creditors don’t go hand in hand. From the creditor point of view they offer little assistance to people that are proving they can make the payment each month. But even once people are behind, the terms typically offered reduce interest rates but not payments. Little tangible help to people in trouble.

      My advice would be for you to contact both a debt management or credit counseling group and a local bankruptcy attorney. Learn what each is offering you and then make an educated decision about what path is right for you.


  • Steve

    I joined LendingClub, but Im not sure how it will help since there is a $20000 limit.

    • Steve Rhode


      Outside of a peer-to-peer lending solution, as a contractor in this lending environment, you have few, if any other, chances to get a loan.


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